Cheesecake Factory proposes $450M convertible notes due 2030; plans $130M share buyback

CHEESECAKE FACTORY INC

Proposed offering of $450M aggregate principal amount of convertible senior notes due 2030, with option for initial purchasers to buy up to an additional $67.5M.
Notes will mature March 15, 2030, be senior unsecured, accrue interest semi-annually, and be convertible into cash and possibly shares.
Up to $130M of net proceeds to be used to repurchase common stock concurrently with pricing.
Portion of proceeds to repurchase some of the outstanding 0.375% Convertible Senior Notes due 2026.
Remainder of proceeds for general corporate purposes, including repayment of revolving credit facility debt.

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